UNDERSTANDING RISING HEALTH AND MEDICAL COSTS FOR INTERNATIONAL INSURANCE

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TRYING TO MAKE SENSE OUT OF RISING HEALTH INSURANCE COSTS

Are you bewildered and angry at rising premiums? Why are the rates going up? Over the past three months I have read numerous articles in newspapers and trade magazines regarding this matter. Here are some reasons all industry experts agree on:

  1. Rising medical care costs in the USA
  2. Rising cost of drugs
  3. Increased use of drugs by medical practitioners
  4. Government mandates requiring conditions like alcoholism to be covered

One domestic company experienced health care cost increases at an annualized rate of about 22 percent and prescription drug costs at nearly 40 percent. Besides helping international clients, Good Neighbor Insurance also provides coverage for people living in Arizona. We write insurance for many of the large carriers like Cigna, Blue Cross, Fortis, and HealthNet. These companies have raised their rates as much as 50 percent in recent years.

People on international insurance plans know that international health insurance is different from, and less expensive than, domestic insurance, so they feel increases should not be the same for international insurance. That would be so if all the people that had international insurance got their health care outside the USA. The fact is that 80 percent of the healthcare for those on international insurance is received in the USA. Thus, the increase in international health insurance rates is also tied to the vagaries of American domestic health care costs.

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Health Insurance in the USA

"Jeff, I just wanted to say a quick "Thank You" for the newsletter, or "Quarterly E-Bulletin." I don’t know if this is all your work or a team, or you buy content, or just who puts it together; but I’ve gotta say it’s one of the few pieces of its kind that I actually *read* top-to-bottom. [The "Quarterly Bulletin" is written by Jeff, assisted by the GNI staff.]"

(DS, Pennsylvania)

"Nelma, Thank you so much for your immediate help in getting my credit from the insurance company. It’s this kind of service from you and your partners that keeps me coming back to GNI for ALL my international insurance needs. "

(KD, California)

"Trish, Thanks so much for your follow-up on this. We actually got a check in the mail already, covering all the charges minus the $250 deductible. I was surprised and pleased that we got it so quickly! Thank you again for taking care of us. You have been extremely helpful, Trish."

(AR, Indiana)

"Doug, I wish to thank Pei for the first class service I received. I value great customer service having worked for a Japanese airline for 17 years. I believe the service reflects the management."

(TM, New York)

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